August 2023 Carrier Updates
Last Updated: August 28
In addition to the carrier updates below, you may also be interested in:
- Our compilation post on how to market online: our best and most relevant posts for marketing in a digital-only environment
- Our ongoing, constantly updated list of non-med carrier options
- Our post on taking your agency digital
Carriers with updates below:
Columbus Life
John Hancock
Legal & General
Lincoln
MassMutual
Mutual of Omaha
Nationwide
Pacific Life
Principal
Protective
Prudential
SBLI
Securian
Symetra
Transamerica
Columbus Life
- AG49-B Compliance and Performance Implications. Dive into the implications AG49-B has for insurance industry policy illustrations with Sherman Reeves of Columbus Life Insurance Company in this recent article.
Need help with any of Columbus Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
John Hancock
- Application Update in New York. The New York version of John Hancock's core Application (Application for Life Insurance -- NB5000NY) has been updated to better align with the application version available in all other states. The updated application is effective immediately. Please transition to the new version within 30 days of today's date (August 7, 2023). As always, you can find the updated application on JHSalesHub.com and through the forms' vendors we support.
Need help with any of John Hancock's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Legal & General
- Coming Soon: New Commission Structures. Legal & General will be making changes to its commission structure to stay in compliance with the Producer Licensing Model Act. Applications from Florida, Georgia, Massachusetts, Montana, North Carolina, New Mexico, Pennsylvania, South Carolina, Utah, Virginia, Wisconsin, and West Virginia will now be able to accept business if the writing agent and highest commission earning level are licensed at or before the time of application. However, any agents in the hierarchy that are not licensed in the state at the time of application will not receive commission. That commission will now be paid to the next licensed level agent.
- An Inside Look at Legal & General's Underwriting Transformation. Legal & General is using technology in new ways to enable a more human and inclusive underwriting experience. Here are a few ways they're reinventing the underwriting process:
- Appetite: By leveraging predictive analytics, Legal & General was able to relax criteria for 16 health conditions, making it easier for your clients with health conditions to get through underwriting. They’ve relaxed their stance for vapers, and individuals with sleep apnea, and enhanced their finance underwriting guidelines.
- Tempo: By instantly accessing clients’ electronic health records, Legal & General is responding to applications faster than ever before, with 30% of cases receiving an instant decision and 52% of cases receiving approval within 10 days – without the need for labs.
- Teamwork: Recent updates give advisors more voice and visibility through every step of the underwriting journey. Legal & General has automated tedious tasks and added 30 new underwriters.
- Rate: You can count on Legal & General to be highly competitive in all classes and to quickly file new rates as needed.
Need help with any of Legal & General's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Lincoln
- Guaranteed minimum rates updated for new fixed and fixed indexed annuity contracts. We are pleased to announce that we are increasing several of the guaranteed minimum rates for new fixed and fixed indexed annuity contracts issued September 1, 2023 and later. Fixed Account rate: The Fixed Account guaranteed minimum interest rate is changing to 1.40%, an increase for most products. This guarantee provides a floor for Fixed Account renewal rates. The Guaranteed Minimum Cash Surrender Value (GMCSV) interest rate: The GMCSV interest rate is increasing to 2.75%. As a reminder, the GMCSV calculation provides a floor for the minimum amount a client can receive if they surrender their contract. The GMCSV equals 87.5% of the premium, minus any partial surrenders and related premium taxes, accumulated at this minimum rate of return to the date of contract termination (death or annuitization or full surrender).
- Lincoln MYGuaranteeSM Plus fixed annuity updates effective August 21, 2023. Electronic applications will be required when submitting Lincoln MYGuaranteeSM Plus fixed annuity business. Paper applications will no longer be accepted as of August 21, 2023 (exceptions may apply). We are updating our rate lock procedures to reflect the application received date and other changes.
- Lincoln MYGuaranteeSM Plus updates effective August 21, 2023. Beginning August 21, 2023, electronic applications will be required to submit Lincoln MYGuaranteeSM Plus fixed annuity business and we are updating our rate lock procedures for this product.
- Coming Soon - Indexed Account Rate Changes . Effective Sept.15, 2023, Lincoln will be making changes to caps, participation rates and spreads on certain indexed accounts, which may reduce future policy performance. The changes apply only to newly created indexed account segments for a select group of previously sold life insurance products in Lincoln’s Indexed UL product suites. The Illustration software will be updated effective August 14, 2023 reflecting all indexed account changes. There are no changes to currently sold products.
- 2023 Life Insurance Year-End Guidelines. Key dates and deadlines for placing business with Lincoln before the end of 2023.
- Lincoln WealthAccelerate® IUL now available in Massachusetts. Effective August 14, 2023, Lincoln is pleased to announce the availability of Lincoln WealthAccelerate® IUL in the state of Massachusetts. Lincoln WealthAccelerate IUL is an indexed universal life product with an emphasis on the digital and automated experience, from application to policy management, and a focus on meeting consumer expectations in today’s modern world of instant decisions, exceptional experience, and simplicity. For middle-income clients who want to accelerate their financial planning with a policy that addresses multiple needs; a foundation of protection, market-based returns, access to assets, and options to prepare for long-term care expenses.
- 2023 Life Insurance Year-End Guidelines. Key dates and deadlines for placing business with Lincoln before the end of 2023.
- Updated Foreign National Underwriting Guidelines. Beginning August 14, 2023, Lincoln’s Underwriting team is pleased to offer new opportunities within the foreign national market. Updates include: *Allowing a Limited Power of Attorney to sign Good Health Statement *Expand travel abroad criteria for U.S. Citizens or Green Card holders *Routine inspection reports no longer required. Please see link above for details.
- New Unified Life Application Coming Soon to MA. Starting August 14, 2023, the latest unified life insurance application package will be available for use in Massachusetts (MA). We are excited to finally offer this application in MA, following the nationwide launch in 2022. With this new application comes two firsts for MA: Real-Time Offer opportunities for eligible clients, and the ability to sell Lincoln WealthAccelerate® IUL! This updated application package was designed based on feedback from our partners and consumers to enhance the user experience, improve clarity and readability of the forms, and reduce overall turnaround times by increasing efficiencies within case processing and underwriting. Please review our Overview of Key Changes document, which provides a comprehensive overview of each form and the changes made throughout the application.
- Enhancements to MoneyGuard® Auto Follow-Up Emails. Starting August 14, 2023, Lincoln MoneyGuard® Auto Follow-up emails will receive multiple enhancements to ensure timely, accurate and actionable case status updates throughout the application process. All case contacts will benefit from a refreshed Auto Follow-up process which features updated verbiage, newly added follow-ups throughout the policy’s lifecycle, and the removal of auto follow-ups that are no longer applicable to the MoneyGuard process. Direct Channel case contacts will now receive these enhanced automated follow-ups to ensure timely case communications and limit manual processing. These will not replace individual reach-outs from New Business Case Managers but will provide a consistent cadence of policy updates, such as status change or added requirements.
Need help with any of Lincoln's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
MassMutual
- New Illustration Guide Available on MMSD University. MassMutual's new Innovative Designs with Additional Life Insurance Rider and Renewable Term Rider Illustration Guide is now available.
- MassMutual Announces Term Conversion and Platinum Pass Program Limited Time Offers. Just in time for Life Insurance Awareness Month and to help close cases quickly during the second half of 2023, MassMutual is announcing two special limited-time offers on term conversion and the Platinum Pass Program that provides new reasons to contact clients and discuss their life insurance needs. Check out these special offers today!
Need help with any of MassMutual's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Mutual of Omaha
- The Cost-of-Care Study Results Are In. The Mutual of Omaha cost-of-care study is conducted annually in over 300 cities in all fifty states, and the results are in - cost of services continues to rise in every category. In fact, the national average for a private nursing home room is over $100,000 per year. To help you and your producers navigate the conversation about how clients intend to pay for their long-term care, see resources at the link above.
- Living Promise Increased Face Amount. Living Promise provides even more protection, because effective August 16, 2023, we're increasing the maximum face amount for our Level Benefit Plan from $40,000 to $50,000. Plus, the Graded Benefit Plan option will now be available in Arkansas. That's great news for policyholders who want to make sure their friends and family are protected after they're gone. In addition to the face amount increase, we're also making some underwriting changes you'll want to know about: *We've lowered the age for diabetes automatic declines to 45. (It was previously 50). *Marijuana is no longer considered an "unlawful drug" for the purposes of the application and underwriting.
- Automatic Bill Pay is Accessible. Beginning August 7, 2023, existing policyholders will be able to sign up for Automatic Bill Pay for all modes (monthly, quarterly, semi-annually, or annually) in various ways.
Need help with any of Mutual of Omaha's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Nationwide
- CareMatters II Price Improvement. Beginning August 21, 2023, Nationwide® is implementing a price improvement across all scenarios for the current CareMatters® II product effective in the states of Connecticut (CT), Florida (FL), North Dakota (ND), South Carolina (SC), South Dakota (SD) and the District of Columbia (DC). Please see link above for details.
- Reminder! New York Only: No Illustration Acknowledgement (NIA) Process Discontinued. Due to requirements of the New York Department of Insurance, effective August 18, 2023, the NIA process will be discontinued. All financial professionals doing business in the state of New York will be required to have their prospective insurance clients sign and date the illustration or preliminary information statement prior to or at the time of sale.
Need help with any of Nationwide's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Pacific Life
- PL Promise Life Insurance Processing Reminders and Updates.
- Original Signatures Required on New Business and Client Service Forms. As a friendly reminder, all signatures must be wet or adhered via an approved e-signature process (DocuSign) on all life insurance new business and client service forms. DocuSigned documents must be accompanied by a Certificate of Completion. An envelope ID will be included on the Certificate of Completion and the ID number must match all DocuSign documents. These guidelines ensure that controls are in place to verify signatures and legally bind Pacific Life as insurer. If signatures are received in any other capacity, the request will be denied. Strict compliance guidelines have been put in place and we are not able to make any special accommodations or exceptions. See link above for more details.
- New Replacement Form & Processes. Effective August 18, 2023 for all PL Promise life insurance business involving replacements, Pacific Life will require the following: • Use of the new NAIC Replacement Form (15-46070-01). • The NAIC Replacement Form signed-on date must be on or prior to the life insurance application signed-on date. • The insurer name must be clearly stated on the form. See link above for more details.
- Exciting Underwriting Enhancements. Enhancements include no more EKG as a routine requirement for all ages and face amounts. Plus, increased overall capacity for professional athletes, entertainers, and celebrities.
- Tips for Efficient Producer Contracting With Pacific Life. If you’re ready to sell life insurance with Pacific Life, there are a few things you need to know and do before you get started.
Need help with any of Pacific Life's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Principal
- PL Promise Life Insurance Processing Reminders and Updates. Effective August 18, 2023, Pacific Life will require a new NAIC Replacement Form. Along with the new form, we are making processing changes that will ensure we stay in compliance with replacement regulations.
- Underwriting Requirements Reminder – Part B. Effective June 5, 2023, Principal discontinued paper part B for life and individual disability insurance applications (IDI). As a result of this change, full paramed exams are no longer required for any life applicant. The customer completed reflexive Part B takes the place of the exam. You should not order a full paramed. Doing so will only cause duplication and more work for your client. Please refer to the Customer Completed Part B Routine Requirements chart to assure you are ordering the correct requirements for the proposed insured’s face amount and age. Get started using online Part B or TeleApp.
- Accelerated Underwriting Eligibility Reminder. On part A of Principal's life insurance application, under the section titled Proposed Insured(s) Insurance History, question 4 asks the below: “In the past 12 months have you had blood drawn or urinalysis completed for an insurance carrier?” Please be sure you and/or your client answer this question correctly. Answering “yes” will disqualify your client from Accelerated Underwriting. Routine requirements for age/face amount will then be posted when the application is coded.
- Reminder: GI Term II Enrollment Updates. The following changes have been made to the employee-owned enrollment process: *Simplified census for employer – Has fewer fields to complete and a consistent format with the census used for individual disability insurance Guaranteed Standard Issue cases. *Enhanced application experience for employees – New and improved technology and process makes completing the application a snap: Application is partially pre-filled using census information; Improved digital experience featuring helper text to guide them through the application; Only a handful of questions to answer; Easy eSignature process; Daily follow up emails to ensure prompt application completion. Stay tuned for news on additional GI Term II implementation improvements coming soon.
Need help with any of Principal's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Protective
- Coming Soon: Age and Amount APS Guideline Updates. Protective has announced updates to their age and amount APS guides, effective August 2023.
Need help with any of Protective's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Prudential
- Electronic Signatures for NY Replacements. New York has approved electronic signatures for New York Replacement forms via iPipeline only and DocuSign. Effective August 14, New Business NY Replacement applications will be available to be eSigned using Prudential’s short form and long form applications when utilizing iPipeline. Term Conversions are not included in this release, but we expect them to be included in a future release. Producers will be able to indicate if they will prepare the NY Disclosure Statement or if they want SSO to prepare the form.
Need help with any of Prudential's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
SBLI
- Get Ready for SBLI’s New Accelerated Underwriting Program. SBLI will be making significant updates to its accelerated underwriting program, beginning August 14, 2023.
Need help with any of SBLI's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Securian
- Upcoming Changes to Securian Financial’s IUL Portfolio Management. Securian Financial is changing the way they manage IUL portfolios starting September 15, 2023.
Need help with any of Securian's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Symetra
- Symetra’s Carrier Match Program. Starting September 1, 2023, Symetra will match formal or informal rate class offers from their group of eligible life insurance carriers.
Need help with any of Symetra's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
Transamerica
- Customer Activity Report Delivered Via Email. Effective August 1, 2023, Customer Activity Reports for in-force policies (formerly paper) will be delivered electronically twice a week to your inbox for more convenience and security.
Need help with any of Transamerica's products?
Call us at 1-800-823-4852 or click here to email our Brokerage Sales Support team.
